- LBRY has appealed against the US SEC’s ruling on its securities.
- The appeal announcement led to a 40% surge in LBC’s price.
- The XRP community has shown support for LBRY’s appeal against SEC.
After announcing its intention to appeal to the United States SEC, LBRY, a blockchain-based file-sharing and payment network, garnered backing from the XRP community. LBRY’s sudden declaration of its plan to challenge the final decision in favor of the U.S. SEC has piqued considerable interest within the cryptocurrency sector.
On the 7th of September, LBRY lodged an appeal to the U.S. District Court for the District of New Hampshire, contesting the conclusive ruling made on the 11th of July. The court concurred with the SEC’s assertion that the firm had unlawfully proposed securities without prior registration.
Support from the Community
Following the US SEC lawsuit verdict, LBRY has pursued a legal course of action. The company had previously declared that it would halt all operations, leaving the fate of its LBC token in the hands of the community. LBRY’s owner, Jeremy Kauffman, expressed dissatisfaction with the verdict. However, favorable outcomes in the Ripple and Grayscale cases have shifted the momentum. According to data from CMC, the announcement of the appeal caused a surge in the price of LBC, which has risen by 40% in the past week.
Despite a lapse of two months, Jeremy Kauffman has yet to disclose the reasons behind his decision to appeal. Nevertheless, he has shared messages of support from the XRP community. Many individuals within the XRP community were optimistic about a win against the U.S. SEC following the news about LBRY.
Numerous notable individuals in the community, such as pro-XRP lawyer John E. Deaton, have expressed their views on the LBRY filing. The cryptocurrency community is on the brink of a significant change and requires a solution to prevent the SEC from taking unreasonable actions against the industry.
